The JSE. Photo: Simphiwe Mbokazi.

South Africa's broad All-share index hit a record high on Wednesday, edging up as lower-than-expected inflation data stoked hopes of another rate cut by the central bank.

The All-share was up 0.09 percent at 34,745.37 at 10:22 SA time, a record high for the index, surpassing the previous day's record level.

Official data released on Wednesday showed May consumer inflation slowed more than expected to 5.7 percent year-on-year, below a 5.95 percent economists polled by Reuters had expected.

Another rate cut would likely be positive for consumer spending, giving businesses in South Africa a much-needed boost. - Reuters